Sales of existing homes climb

kare11.com - KARE 11 Television :: Minneapolis, St. Paul: "Defying expectations, sales of previously owned homes rose in August to the second-highest level on record with home prices rising at the fastest pace in 26 years.

The National Association of Realtors reported Monday that sales of existing homes rose 2 percent in August to a seasonally adjusted annual rate of 7.29 million units, a sales pace that was exceeded only by an all-time high of 7.35 million units in June. Economists had been forecasting a slight decline, believing that the red-hot housing market was finally beginning to cool off.

The strong demand pushed prices up to a record level of $220,000 last month, a gain of 15.8 percent from August 2004. That was the biggest 12-month increase since a 17.2 percent increase in July 1979. "
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